Jane Norman MD stands down
It has been reported that Ian Findlay, the managing director at Jane Norman, has stepped down. The news follows reports earlier in the week that the fashion retailer had been put up for sale by its banks due to a poor trading performance.
Findlay was appointed to the role in February when Saj Shah retired as chief executive after 16 years. In April, Findlay had indicated that he would be overhauling the business in an attempt to attract a younger more fashion conscious shopper.
PwC is leading the sales process and has sent out an information memorandum to potential buyers. Debenhams has been rumoured to be considering a rescue of the chain and, significantly, over half of the 200 Jane Norman branches are located in Debenhams stores.
Jane Norman had sales of £144 million for the year to 27 March 2010 and made an operating profit of £10.5 million, down from £11 million in the previous year.
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